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Item 1. Financial Statements

2025-11-07 compared with 2025-08-05 · 209 added, 192 removed, 1156 unchanged (26% of the section changed)

3 unchanged sentences

(Dollars in thousands)

September 30,

Cash and due from banks

39 unchanged sentences

Three Months Ended

Six Months Ended

Nine Months Ended

September 30,

INTEREST INCOME

42 unchanged sentences

Three Months Ended

Six Months Ended

Nine Months Ended

September 30,

Issued at beginning of period

19 unchanged sentences

(Dollars in thousands)

Six Months Ended

Nine Months Ended

September 30,

CASH FLOWS FROM OPERATING ACTIVITIES

3 unchanged sentences

Net amortization of securities premiums and discounts

Realized securities losses/(gains)

Realized securities losses

Gain on sales of loans

3 unchanged sentences

Gain on sale of other assets

Increase/(decrease) in interest receivable

Increase in interest receivable

(Decrease)/increase in interest payable

36 unchanged sentences

Basis of Presentation

The accompanying unaudited interim consolidated financial statements include the accounts of BancFirst Corporation, Council Oak Partners, LLC, BFC-PNC, LLC, BancFirst Insurance Services, Inc., Pegasus Bank ("Pegasus"), Worthington Bank ("Worthington") and BancFirst and its subsidiaries ("BancFirst").

The principal operating subsidiaries of BancFirst are BFTower, LLC and BancFirst Agency, Inc.

The principal operating subsidiary of BancFirst is BFTower, LLC.

All significant intercompany accounts and transactions have been eliminated.

23 unchanged sentences

ABOK has approximately $ 385 million in total assets, $ 280 million in loans, and $ 320 million in deposits.

The transaction is expected to close in the third quarter of 2025, subject to regulatory approvals and

customary closing conditions.

ABOK will operate under its present name until it is merged into BancFirst, which is expected to be in the fourth quarter of 2025.

The transaction is expected to close in the fourth quarter of 2025, subject to customary closing conditions.

ABOK will operate under its present name until it is merged into BancFirst, which is expected to be in the first quarter of 2026.

(3) SECURITIES

The following table summarizes the amortized cost and estimated fair values of debt securities held for investment:

June 30, 2025

September 30, 2025

(Dollars in thousands)

7 unchanged sentences

The following table summarizes the amortized cost and estimated fair values of debt securities available for sale:

June 30, 2025

September 30, 2025

(Dollars in thousands)

12 unchanged sentences

For purposes of the maturity table, mortgage-backed securities, which are not due at a single maturity date, have been presented at their contractual maturity.

June 30, 2025

September 30, 2025

December 31, 2024

14 unchanged sentences

The following table is a summary of the Company’s book value of securities that were pledged as collateral for public funds on deposit, repurchase agreements and for other purposes as required or permitted by law:

June 30, 2025

September 30, 2025

December 31, 2024

1 unchanged sentence

Book value of pledged securities

There were no sales of debt securities and therefore no proceeds from sales or realized securities gains or losses on available for sale debt securities for the six months ended June 30, 2025 or June 30, 2024.

There were no sales of debt securities and therefore no proceeds from sales or realized securities gains or losses on available for sale debt securities for the Nine months ended September 30, 2025 or September 30, 2024.

Realized gains or losses on debt and equity securities are reported as securities transactions within the noninterest income section of the consolidated statement of comprehensive income.

The following table summarizes debt securities with unrealized losses, segregated by the duration of the unrealized loss, at June 30, 2025 and December 31, 2024 respectively:

The following table summarizes debt securities with unrealized losses, segregated by the duration of the unrealized loss, at September 30, 2025 and December 31, 2024 respectively:

Less than 12 Months

2 unchanged sentences

(Dollars in thousands)

June 30, 2025

September 30, 2025

Available for Sale

10 unchanged sentences

The Company has the ability and intent to hold the debt securities classified as held for investment until they mature, at which time the Company will receive full value for the debt securities.

Furthermore, as of June 30, 2025 and December 31, 2024, the Company also had the ability and intent to hold the debt securities classified as available for sale for a period of time sufficient for a recovery of cost.

Furthermore, as of September 30, 2025 and December 31, 2024 , the Company also had the ability and intent to hold the debt securities classified as available for sale for a period of time sufficient for a recovery of cost.

The unrealized losses are due to increases in market interest rates over the yields available at the time the underlying debt securities were purchased.

4 unchanged sentences

Loans held for investment are summarized by portfolio segment as follows:

June 30, 2025

September 30, 2025

December 31, 2024

8 unchanged sentences

Consumer non-real estate

(1) Excludes accrued interest receivable of $ 40.9 million at June 30, 2025 and $ 40.9 million at December 31, 2024, that is recorded in accrued interest receivable and other assets.

(1) Excludes accrued interest receivable of $ 41.2 million at September 30, 2025 and $ 40.9 million at December 31, 2024, that is recorded in accrued interest receivable and other assets.

The Company's loans are currently 83 % held by BancFirst and 17 % held by Pegasus and Worthington.

7 unchanged sentences

The following is a summary of other real estate owned ("OREO") and repossessed assets:

June 30, 2025

September 30, 2025

December 31, 2024

1 unchanged sentence

Other real estate owned and repossessed assets

During the six months ended June 30, 2025 the Company foreclosed on a construction and development real estate loan and recorded $ 15.6 million in OREO, which was the primary reason for the increase in OREO.

In addition, as of both June 30, 2025 and December 31, 2024, OREO included a commercial real estate property recorded at approximately $ 30.7 million and $ 28.1 million, respectively.

The increase for this commercial real estate property was due to tenant improvements during the six months ended June 30, 2025.

During the nine months ended September 30, 2025 the Company foreclosed on a construction and development real estate loan and recorded $ 15.6 million in OREO, which was the primary reason for the increase in OREO.

In addition, as of both September 30, 2025 and December 31, 2024, OREO included a commercial real estate property recorded at approximately $ 31.1 million and $ 28.1 million, respectively.

The increase for this commercial real estate property was due to tenant improvements during the nine months ended September 30, 2025.

Rental income for this property is included in other noninterest income on the consolidated statements of comprehensive income.

2 unchanged sentences

Three Months Ended

Six Months Ended June 30,

September 30,

Nine Months Ended

September 30,

(Dollars in thousands)

1 unchanged sentence

Operating expense

During the six months ended June 30, 2025 , the Company sold property held in other real estate owned for a total loss of $ 79,000 , compared to a total gain of $ 1.3 million in the six months ended June 30, 2024.

During the nine months ended September 30, 2025 , the Company sold property held in other real estate owned for a total loss of $ 40,000 , compared to a total gain of $ 1.3 million in the nine months ended September 30, 2024.

The Company charges interest on principal balances outstanding on modified loans during deferral periods.

The current and future financial effects of the recorded balance of loans considered to be modified during the period were not material.

The recorded balance of loans modified during the six months ended June 30, 2025 was approximately $ 3.6 million compared to $ 14.8 million during the year ended December 31, 2024.

The recorded balance of loans modified during the nine months ended September 30, 2025 was approx imately $ 6.0 mil lion compared to $ 14.8 million during the year ended December 31, 2024.

Nonaccrual loans

The Company did no t recognize any interest income on nonaccrual loans for either the six months ended June 30, 2025 or 2024.

In addition, all loans identified as nonaccrual loans have related allowances for credit losses at June 30, 2025 and December 31, 2024, respectively.

Had nonaccrual loans performed in accordance with their original contractual terms, the Company would have recognized additional interest income of approximately $ 2.3 million for the six months ended June 30, 2025 and approximately $ 1.8 million for the six months ended June 30, 2024.

Nonaccrual loans guaranteed by government agencies totaled approximately $ 9.5 million at June 30, 2025 and approximately $ 9.0 million at December 31, 2024.

The Company did no t recognize any interest income on nonaccrual loans for either the nine months ended September 30, 2025 or 2024.

In addition, all loans identified as nonaccrual loans have related allowances for credit losses at September 30, 2025 and December 31, 2024, respectively.

Had nonaccrual loans performed in accordance with their original contractual terms, the Company would have recognized additional interest income of approximately $ 3.6 million for the nine months ended September 30, 2025 and approximately $ 2.6 million for the nine months ended September 30, 2024.

Nonaccrual loans guaranteed by government agencies totaled approximately $ 10.0 million at September 30, 2025 and approximately $ 9.0 million at December 31, 2024.

The following table is a summary of amounts included in nonaccrual loans, segregated by portfolio segment.

June 30, 2025

September 30, 2025

December 31, 2024

12 unchanged sentences

(Dollars in thousands)

As of June 30, 2025

As of September 30, 2025

Commercial real estate owner occupied

27 unchanged sentences

Amortized Cost Basis

As of June 30, 2025

As of September 30, 2025

Commercial real estate owner occupied

22 unchanged sentences

(Dollars in thousands)

Three months ended June 30, 2025

Three months ended September 30, 2025

Commercial real estate owner occupied

21 unchanged sentences

(Dollars in thousands)

Three months ended June 30, 2024

Three months ended September 30, 2024

Commercial real estate owner occupied

21 unchanged sentences

(Dollars in thousands)

Six months ended June 30, 2025

Nine months ended September 30, 2025

Commercial real estate owner occupied

21 unchanged sentences

(Dollars in thousands)

Six months ended June 30, 2024

Nine months ended September 30, 2024

Commercial real estate owner occupied

26 unchanged sentences

(Dollars in thousands)

Three Months Ended June 30, 2025

Three Months Ended September 30, 2025

Commercial real estate owner occupied

9 unchanged sentences

(Dollars in thousands)

Three Months Ended June 30, 2024

Three Months Ended September 30, 2024

Commercial real estate owner occupied

9 unchanged sentences

(Dollars in thousands)

Six Months Ended June 30, 2025

Nine Months Ended September 30, 2025

Commercial real estate owner occupied

9 unchanged sentences

(Dollars in thousands)

Six Months Ended June 30, 2024

Nine Months Ended September 30, 2024

Commercial real estate owner occupied

8 unchanged sentences

The Company has previously purchased loans, for which there was, at acquisition, evidence of more than insignificant deterioration of credit quality since origination.

The Company did not purchase credit-deteriorated loans during the six month period ended June 30, 2025 or June 30, 2024.

The Company did not purchase credit-deteriorated loans during the nine months ended September 30, 2025 or September 30, 2024.

Collateral Dependent Loans

A loan is considered collateral-dependent when the borrower is experiencing financial difficulty and repayment is expected to be provided substantially through the operation or sale of the collateral.

During the six months ended June 30, 2025 and 2024 , no material amount of interest income was recognized on collateral-dependent loans subsequent to their classification as collateral-dependent.

During the nine months ended September 30, 2025 and 2024 , no material amount of interest income was recognized on collateral-dependent loans subsequent to their classification as collateral-dependent.

The following tables summarize collateral-dependent gross loans held for investment by collateral type and the related specific allocation as follows:

3 unchanged sentences

(Dollars in thousands)

As of June 30, 2025

As of September 30, 2025

Commercial real estate owner occupied

24 unchanged sentences

Transfers from loans and premises and equipment to OREO and repossessed assets during the periods presented are summarized as follows:

Six Months Ended June 30,

Nine Months Ended September 30,

(Dollars in thousands)

4 unchanged sentences

(Dollars in thousands)

June 30, 2025

September 30, 2025

Core deposit intangibles

9 unchanged sentences

(Dollars in thousands)

Six months ended June 30, 2025

Nine months ended September 30, 2025

Balance at beginning and end of period

18 unchanged sentences

The Company may, at its option, beginning with the interest payment date of June 30, 2031, and on any scheduled interest payment date thereafter, redeem the Subordinated Notes, in whole or in part.

In addition, the Company may redeem all, but not less than all, of the Subordinated Notes at any time upon the occurrence of a “Tier 2 Capital Event,” a “Tax Event” or an “Investment Company Event”

(each as defined in the Subordinated Notes).

In addition, the Company may redeem all, but not less than all, of

the Subordinated Notes at any time upon the occurrence of a “Tier 2 Capital Event,” a “Tax Event” or an “Investment Company Event” (each as defined in the Subordinated Notes).

Any such redemption is subject to obtaining the prior approval of the Board of Governors of the Federal Reserve System (or its designee).

1 unchanged sentence

(7) STOCK-BASED COMPENSATION

On May 25, 2023, the shareholders of the Company adopted the BancFirst Corporation 2023 Restricted Stock Unit Plan (the "RSU Plan").

On May 25, 2023, the stockholders of the Company adopted the BancFirst Corporation 2023 Restricted Stock Unit Plan (the "RSU Plan").

The RSU Plan was effective as of June 1, 2023 and for a period of ten years thereafter.

The RSU Plan will continue in effect after such ten-year period until all matters relating to the payment of awards and administration of the RSU Plan have been settled.

At June 30, 2025 there were 447,175 shares available for future grants.

At September 30, 2025 there were 434,925 shares available for future grants.

The restricted stock units ("RSU's") vest beginning two years from the date of grant at the rate of 20 % per year for five years .

2 unchanged sentences

The following table is a summary of the activity under the Company's RSU plan.

Six Months Ended June 30, 2025

Nine Months Ended September 30, 2025

Nonvested at December 31, 2024

Nonvested at June 30, 2025

Nonvested at September 30, 2025

The Company has had the BancFirst Corporation Directors’ Deferred Stock Compensation Plan (the “Deferred Stock Compensation Plan”) since May 1999.

As of June 30, 2025, there are 31,459 shares available for future issuance under the Deferred Stock Compensation Plan.

As of September 30, 2025 , there are 29,559 shares available for future issuance under the Deferred Stock Compensation Plan.

The Deferred Stock Compensation Plan will terminate on December 31, 2030 , if not extended.

2 unchanged sentences

Shares of common stock of the Company are then distributed to the terminating director or community board member based upon the number of stock units accumulated in his or her account.

There were 6,462 and 5,022 shares of common stock distributed from the Deferred Stock Compensation Plan during the six months ended June 30, 2025 and 2024, respectively.

There were 6,462 and 5,022 shares of common stock distributed from the Deferred Stock Compensation Plan during the nine months ended September 30, 2025 and 2024, respectively.

A summary of the accumulated stock units under the Deferred Stock Compensation Plan is as follows:

June 30, 2025

September 30, 2025

December 31, 2024

7 unchanged sentences

(Dollars in thousands, except option data)

Six Months Ended June 30, 2025

Nine Months Ended September 30, 2025

Outstanding at December 31, 2024

1 unchanged sentence

Options canceled, forfeited, or expired

Outstanding at June 30, 2025

Exercisable at June 30, 2025

Outstanding at September 30, 2025

Exercisable at September 30, 2025

The following table has additional information regarding options exercised under both the Employee Plan and the Non-Employee Directors’ Plan:

Three Months Ended

Six Months Ended

September 30,

Nine Months Ended

September 30,

(Dollars in thousands)

4 unchanged sentences

Although not required or expected, the Company may settle some options or restricted stock units in cash on a limited basis at the discretion of the Company.

The Company had no cash settlements during the six months ended June 30, 2025 or June 30, 2024.

The Company had no cash settlements during the nine months ended September 30, 2025 or September 30, 2024.

Stock-based compensation expense is charged to salaries and benefits expense on the Consolidated Statements of Comprehensive Income.

1 unchanged sentence

Three Months Ended

Six Months Ended

September 30,

Nine Months Ended

September 30,

(Dollars in thousands)

3 unchanged sentences

The following table shows the unearned stock-based compensation expense for unvested stock options and unvested RSU's:

June 30, 2025

September 30, 2025

(Dollars in thousands)

4 unchanged sentences

The SRP may be used as a means to increase earnings per share and return on equity.

In addition, the SRP may be used to purchase treasury stock for the issuance of stock related to stock-based compensation plans, to provide liquidity for optionees to dispose of stock from exercises of their stock options and to provide liquidity for stockholders wishing to sell their stock.

for stockholders wishing to sell their stock.

All shares repurchased under the SRP have been retired and not held as treasury stock.

timing, price and amount of stock repurchases under the SRP is determined by management and approved by the Company’s Executive Committee.

The timing, price and amount of stock repurchases under the SRP is determined by management and approved by the Company’s Executive Committee.

The following table is a summary of the shares under the SRP:

June 30, 2025

September 30, 2025

Shares remaining to be repurchased

2 unchanged sentences

Failure to meet the minimum capital requirements can initiate certain mandatory or discretionary actions by the regulatory agencies that could have a direct material effect on the Company’s consolidated financial statements.

The Company believes that as of June 30, 2025 , BancFirst Corporation, BancFirst, Pegasus and Worthington each met all capital adequacy requirements to which they are subject.

The Company believes that as of September 30, 2025 , BancFirst Corporation, BancFirst, Pegasus and Worthington each met all capital adequacy requirements to which they are subject.

The actual and required capital amounts and ratios are shown in the following table:

Capitalized Under

Capital Conservation

Prompt Corrective

Action Provisions

Required For Capital

Capitalized Under Prompt

Adequacy Purposes

Conservation Buffer

Corrective Action Provisions

(Dollars in thousands)

As of June 30, 2025:

As of September 30, 2025:

Total Capital

10 unchanged sentences

BancFirst Corporation

As of June 30, 2025 , BancFirst, Pegasus and Worthington were classified by the Federal Reserve as “well capitalized” under the prompt corrective action provisions.

As of September 30, 2025 , BancFirst, Pegasus and Worthington were classified by the Federal Reserve as “well capitalized” under the prompt corrective action provisions.

The Common Equity Tier 1 Capital of BancFirst Corporation, BancFirst, Pegasus and Worthington includes common stock and related paid-in capital and retained earnings.

1 unchanged sentence

Common Equity Tier 1 Capital for BancFirst Corporation, BancFirst, Pegasus and Worthington is reduced by goodwill and other intangible assets, net of associated deferred tax liabilities.

The Company’s trust preferred securities qualify as Tier 1 capital and its Subordinated Notes qualify as Tier 2 capital.

The Company’s trust preferred

securities qualify as Tier 1 capital and its Subordinated Notes qualify as Tier 2 capital.

BancFirst, Pegasus and Worthington have had no events or conditions that management believes would materially change their category under capital requirements existing as of the report dates.

2 unchanged sentences

Three Months Ended

Six Months Ended

September 30,

Nine Months Ended

September 30,

(Dollars in thousands, except per share data)

7 unchanged sentences

The following table shows the number of options and RSU's that were excluded from the computation of diluted net income per common share for each period because they were anti-dilutive for the period:

Three Months Ended June 30, 2025

Three Months Ended June 30, 2024

Six Months Ended June 30, 2025

Six Months Ended June 30, 2024

Three Months Ended September 30, 2025

Three Months Ended September 30, 2024

Nine Months Ended September 30, 2025

Nine Months Ended September 30, 2024

(10) FAIR VALUE MEASUREMENTS

38 unchanged sentences

(Dollars in thousands)

June 30, 2025

September 30, 2025

Debt securities available for sale:

14 unchanged sentences

The changes in Level 3 assets measured at estimated fair value on a recurring basis during the periods presented were as follows:

Six Months Ended June 30,

Nine Months Ended September 30,

Twelve Months Ended December 31,

3 unchanged sentences

The Company’s policy is to recognize transfers in and transfers out of Levels 1, 2 and 3 as of the end of the reporting period.

During the six months ended June 30, 2025, and the year ended December 31, 2024, the Company did not transfer any debt securities.

During the nine months ended September 30, 2025, and the year ended December 31, 2024, the Company did not transfer any debt securities.

Financial Assets and Financial Liabilities Measured at Fair Value on a Nonrecurring Basis

15 unchanged sentences

(Dollars in thousands)

As of and for the Year-to-date Period Ended June 30, 2025

As of and for the Year-to-date Period Ended September 30, 2025

Equity securities

20 unchanged sentences

If a quoted market price is not available, fair value is estimated using quoted market prices for similar debt securities making adjustments for credit or liquidity if applicable.

For debt securities held for investment for which observable information is not readily available, the Company reports these at fair value utilizing Level 3 inputs.

Loans Held for Sale

18 unchanged sentences

The estimated fair values of the Company’s financial instruments that are reported at amortized cost in the Company’s consolidated balance sheets, segregated by the level of valuation inputs within the fair value hierarchy utilized to measure fair value, are as follows:

June 30, 2025

September 30, 2025

December 31, 2024

21 unchanged sentences

The intangible assets are evaluated at least annually for impairment.

The overall levels of non-financial assets measured at fair value on a nonrecurring basis were no t considered to be significant to the Company at June 30, 2025 or December 31, 2024 .

The overall levels of non-financial assets measured at fair value on a nonrecurring basis were no t considered to be significant to the Company at September 30, 2025 or December 31, 2024 .

(11) DERIVATIVE FINANCIAL INSTRUMENTS

3 unchanged sentences

The Company's derivative financial instruments require a daily margin to be posted, which fluctuates with oil and gas prices.

At June 30, 2025 and December 31, 2024 , the Company had a margin asset included in other assets in the amount of $ 3.6 million and $ 463,000 , respectively.

At September 30, 2025 and December 31, 2024 , the Company had a margin asset included in other assets in the amount of $ 48,000 and $ 463,000 , respectively.

The Company utilizes dealer quotations and observable market data inputs to substantiate internal valuation models.

The notional amounts and estimated fair values of oil and gas derivative positions outstanding are presented in the following table:

June 30, 2025

September 30, 2025

December 31, 2024

14 unchanged sentences

The following table is a summary of the Company's recognized income related to the activity, which was included in other noninterest income:

Three Months Ended June 30,

Six Months Ended June 30,

Three Months Ended September 30,

Nine Months Ended September 30,

(Dollars in thousands)

8 unchanged sentences

The following table is a summary of the Company's net credit exposure relating to oil and gas swaps and options with bank counterparties:

June 30, 2025

September 30, 2025

December 31, 2024

26 unchanged sentences

(Dollars in thousands)

Three Months Ended June 30, 2025

Three Months Ended September 30, 2025

Interest income

Interest expense

Total provision for/(benefit

from) credit losses

Total provision for credit losses

Noninterest income

2 unchanged sentences

Income before taxes

Three Months Ended June 30, 2024

Three Months Ended September 30, 2024

Interest income

Interest expense

Total provision for

credit losses

Total provision for/(benefit

from) credit losses

Noninterest income

6 unchanged sentences

(Dollars in thousands)

Six Months Ended June 30, 2025

Nine Months Ended September 30, 2025

Interest income

7 unchanged sentences

Capital expenditures

June 30, 2025

September 30, 2025

Loans held for investment

Total deposits

Six Months Ended June 30, 2024

Nine Months Ended September 30, 2024

Interest income

7 unchanged sentences

Capital expenditures

June 30, 2024

September 30, 2024

Loans held for investment

1 unchanged sentence

Management’s Discussio n and Analysis of Financial Condition and Results of Operations.

The following discussion and analysis of our financial condition as of June 30, 2025 and December 31, 2024 and results of operations for the three and six months ended June 30, 2025 should be read in conjunction with our consolidated financial statements and notes to the consolidated financial statements for the year ended December 31, 2024, and the other information included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024.

The following discussion and analysis of our financial condition as of September 30, 2025 and December 31, 2024 and results of operations for the three and nine months ended September 30, 2025 should be read in conjunction with our consolidated financial statements and notes to the consolidated financial statements for the year ended December 31, 2024, and the other information included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024.

Certain risks, uncertainties and other factors, including those set forth under "Risk Factors" in Part I, Item 1A of the 2024 Form 10-K, and "Item 1A, Risk Factors" in this Quarterly Report on Form 10-Q, may cause actual results to differ materially from the results discussed in the forward-looking statements appearing in this discussion and analysis.

20 unchanged sentences

• Inflation, including wage inflation, energy prices, securities markets and monetary fluctuations.

• Changes in oil and gas commodity prices and the potential impact to the related loan portfolio as well as the overall impact to the Oklahoma economic environment.

• Changes in oil and gas commodity prices and the potential impact to the related loan portfolio as well as the overall impact to the regional economic environment.

• Changes in interest rates.

10 unchanged sentences

Actual results may differ materially from forward-looking statements.

The Company’s net income for the second quarter of 2025 was $62.3 million, compared to $50.6 million for the second quarter of 2024.

Diluted net income per common share was $1.85 and $1.51 for the second quarter of 2025 and 2024, respectively.

The Company’s net interest income for the second quarter of 2025 increased to $121.3 million from $109.9 million for the second quarter of 2024.

The Company’s net income for the third quarter of 2025 was $62.7 million, compared to $58.9 million for the third quarter of 2024.

Diluted net income per common share was $1.85 and $1.75 for the third quarter of 2025 and 2024, respectively.

The Company’s net interest income for the third quarter of 2025 increased to $125.6 million from $115.0 million for the third quarter of 2024.

Higher loan volume along with general growth in earning assets were the primary drivers of the change in net interest income.

Net interest margin was virtually unchanged at 3.75% for the second quarter of 2025 and 3.76% for the second quarter of 2024.

The Company recorded a provision for credit losses on loans of $1.2 million in the second quarter of 2025 compared to $3.4 million for the second quarter of 2024.

Noninterest income for the second quarter of 2025 totaled $48.0 million compared to $43.9 million for the second quarter of 2024.

Trust revenue, treasury income, sweep fees, insurance commissions and other noninterest income each increased when compared to second quarter last year.

The increase in other noninterest income was driven by changes in cash surrender value of life insurance as well as gains on disposal of other assets.

The increases were partially offset by losses on equity securities in the second quarter of 2025.

Noninterest expense grew to $88.2 million for the second quarter of 2025 compared to $85.3 million in the same quarter in 2024.

The increase in noninterest expense was primarily related to growth in salaries and employee benefits of $3.2 million.

At June 30, 2025, the Company’s total assets were $14.0 billion, an increase of $491.5 million from December 31, 2024.

Loans grew $91.3 million from December 31, 2024, totaling $8.1 billion at June 30, 2025.

Net interest margin improved slightly to 3.79% for the third quarter of 2025 from 3.78% for the third quarter of 2024.

The Company recorded a provision for credit losses on loans of $4.2 million in the third quarter of 2025 compared to $3.0 million for the third quarter of 2024.

Noninterest income for the third quarter of 2025 totaled $49.9 million compared to $48.7 million for the third quarter of 2024.

Trust revenue, treasury income, sweep fees and securities transactions each increased when compared to third quarter last year.

Noninterest expense grew to $92.1 million for the third quarter of 2025 compared to $86.7 million in the same quarter in 2024.

The increase in noninterest expense was primarily due to growth in salaries and employee benefits of $3.5 million.

Also contributing to the increase was occupancy expense, due largely to repairs and maintenance, and increases in other noninterest expense driven primarily by professional fees.

At September 30, 2025, the Company’s total assets were $14.2 billion, an increase of $643.8 million from December 31, 2024.

Loans grew $254.0 million from December 31, 2024, totaling $8.3 billion at September 30, 2025.

Deposits totaled $12.1 billion, an increase of $399.8 million from year-end 2024.

Sweep accounts totaled $5.3 billion at June 30, 2025, up $66.8 million from December 31, 2024.

Off-balance-sheet sweep accounts totaled $4.9 billion at September 30, 2025, down $316.4 million from December 31, 2024.

The Company’s total stockholders’ equity was $1.8 billion, an increase of $161.6 million over December 31, 2024.

Nonaccrual loans totaled $49.9 million, representing 0.61% of total loans at June 30, 2025, down slightly from 0.72% at year-end 2024.

The allowance for credit losses to total loans was 1.19% at June 30, 2025, down from 1.24% at December 31, 2024.

Net charge-offs were $4.7 million for the second quarter of 2025, including $3.7 million relating to one real estate loan that was taken into other real estate owned, compared to $999,000 for the second quarter of 2024.

Asset quality continued to be strong.

Nonaccrual loans totaled $57.3 million, representing 0.69% of total loans at September 30, 2025, down from 0.72% at year-end 2024.

The allowance for credit losses to total loans was 1.20% at September 30, 2025, down from 1.24% at December 31, 2024.

Net charge-offs were $1.7 million for the third quarter of 2025, compared to $775,000 for the third quarter of 2024.

See Note (2) of the Notes to Consolidated Financial Statements for disclosure regarding the Company’s recent developments, including mergers and acquisitions.

9 unchanged sentences

(i) average balances are derived from daily averages, (ii) information is shown on a taxable-equivalent basis assuming a 21% tax rate, and (iii) nonaccrual loans are included in the average loan balances and any interest on such nonaccrual loans is recognized on a cash basis.

Loan fees included in interest income were $5.1 million for the three months ended June 30, 2025 compared to $5.5 million for the three months ended June 30, 2024.

Loan fees included in interest income were $10.1 million for the six months ended June 30, 2025 compared to $10.9 million for the six months ended June 30, 2024.

Loan fees included in interest income were $5.1 million for the three months ended September 30, 2025 compared to $5.0 million for the three months ended September 30, 2024.

Loan fees included in interest income were $15.2 million for the nine months ended September 30, 2025 compared to $15.9 million for the nine months ended September 30, 2024.

BANCFIRST CORPORATION

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(Dollars in thousands)

Three Months Ended June 30,

Three Months Ended September 30,

Earning assets:

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(Dollars in thousands)

Six Months Ended June 30,

Nine Months Ended September 30,

Earning assets:

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Three Months Ended

Six Months Ended

September 30,

Nine Months Ended

September 30,

Income Statement Data

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Provision for credit losses on loans

Provision for off-balance-sheet credit exposures

Securities transactions

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Net Interest Income

For the three months ended June 30, 2025, net interest income, which is the Company’s principal source of operating revenue, increased $11.4 million or 10.3% compared to the three months ended June 30, 2024.

For the three months ended September 30, 2025, net interest income, which is the Company’s principal source of operating revenue, increased $10.7 million or 9.3% compared to the three months ended September 30, 2024.

Higher loan volume along with general growth in earning assets were the primary drivers of the change in net interest income.

Net interest margin is the ratio of taxable-equivalent net interest income to average earning assets for the period.

Net interest income for the six months ended June 30, 2025 increased $21.2 million or 9.8% compared to the six months ended June 30, 2024.

Higher loan volume along with general growth in earning assets were the primary driver, to the increase.

Net interest income for the nine months ended September 30, 2025 increased $31.9 million or 9.6% compared to the nine months ended September 30, 2024.

Higher loan volume along with general growth in earning assets were the primary drivers to the increase.

Provision for Credit Losses on loans

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Should any of the factors considered by management in evaluating the appropriate level of the allowance for credit losses change, the Company’s estimate of expected credit losses could also change which could affect the amount of future provisions for credit losses.

Net loan charge-offs were $4.7 million for the second quarter of 2025 compared to net loan charge-offs of $999,000 for the second quarter of 2024.

Net loan charge-offs were $1.7 million for the third quarter of 2025 compared to net loan charge-offs of $775,000 for the third quarter of 2024.

The rate of net charge-offs to average total loans continues to be at a low level.

Net loan charge-offs were $5.2 million for the six months ended June 30, 2025, compared to $4.5 million for the same period of the prior year.

Net loan charge-offs were $6.9 million for the nine months ended September 30, 2025, compared to $5.3 million for the same period of the prior year.

Noninterest Income

Noninterest income increased by $4.1 million for the second quarter of 2025 compared to the second quarter of 2024.

Trust revenue, treasury income, sweep fees, insurance commissions, and other noninterest income each increased when compared to second quarter last year.

The increase in other noninterest income was driven by changes in cash surrender value of life insurance as well as gains on disposal of other assets.

The increases were partially offset by losses on equity securities in the second quarter of 2025.

Noninterest income included non-sufficient funds ("NSF") and overdraft fees totaling $7.6 million and $7.3 million for the three months ended June 30, 2025 and 2024, respectively.

Noninterest income increased by $1.2 million for the third quarter of 2025 compared to the third quarter of 2024.

Trust revenue, treasury income, sweep fees and securities transactions each increased when compared to third quarter last year.

Noninterest income included non-sufficient funds ("NSF") and overdraft fees totaling $8.3 million and $8.2 million for the three months ended September 30, 2025 and 2024, respectively.

This represents 16.6% and 16.9% of the Company’s noninterest income for the respective periods.

In addition, the Company had debit card usage and interchange fees totaling $6.9 million and $6.8 million during the three months ended June 30, 2025 and 2024, respectively.

In addition, the Company had debit card usage and interchange fees totaling $6.9 million and $6.7 million during the three months ended September 30, 2025 and 2024, respectively.

This represents 13.8% and 13.7% of the Company’s noninterest income for the respective periods.

Noninterest income increased by $8.1 million for the six months ended June 30, 2025 compared to the six months ended June 30, 2024.

Trust revenue, treasury income, sweep fees, insurance commissions, and other noninterest income each increased when compared to the same period last year.

The increase in other noninterest income was driven by changes in cash surrender value of life insurance as well as gains on disposal of other assets.

The increases were partially offset by losses on equity securities in 2025.

Noninterest income included NSF and overdraft fees totaling $15.0 million and $14.4 million during the six months ended June 30, 2025 and 2024, respectively.

Noninterest income increased by $9.3 million for the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024.

Trust revenue, treasury income, sweep fees, insurance commissions and gain on sale of other assets each increased when compared to the same period last year.

Noninterest income included NSF and overdraft fees totaling $23.3 million and $22.7 million during the nine months ended September 30, 2025 and 2024, respectively.

This represents 15.9% and 16.5% of the Company’s noninterest income for the respective periods.

In addition, the Company had debit card usage and interchange fees totaling $13.4 million and $13.3 million during the six months ended June 30, 2025 and 2024, respectively.

In addition, the Company had debit card usage and interchange fees totaling $20.3 million and $20.0 million during the nine months ended September 30, 2025 and 2024, respectively.

This represents 13.8% and 14.5% of the Company’s noninterest income for the respective periods.

Noninterest Expense

Noninterest expense increased by $2.9 million for second quarter of 2025 compared to the second quarter of 2024.

Noninterest expense increased by $5.3 million for third quarter of 2025 compared to the third quarter of 2024.

The increase in noninterest expenses was primarily related to growth in salaries and employee benefits of $3.5 million.

For the six months ended June 30, 2025, noninterest expense increased by $12.3 million compared to the six months ended June 30, 2024.

Also contributing to the increase was occupancy expense, due largely to repairs and maintenance, and increases in other noninterest expense driven primarily by professional fees.

For the nine months ended September 30, 2025, noninterest expense increased by $17.6 million compared to the nine months ended September 30, 2024.

Higher noninterest expenses in 2025 were primarily related to growth in salaries and employee benefits of $9.8 million, an increase in occupancy expense of $2.0 million and an increase in the net expense from other real estate owned of $1.8 million.

In addition, the Company recorded an expense related to the disposition of certain equity investments no longer permissible under the Volcker Rule, which prohibits banks with more than $10 billion in assets from holding certain private equity investments.

The Company’s effective tax rate was 21.8% for the second quarter of 2025, compared to 22.3% for the second quarter of 2024.

The Company’s effective tax rate was 21.4% for the six months ended June 30, 2025, compared to 22.0% for the six months ended June 30, 2024.

The Company’s effective tax rate was 20.7% for the third quarter of 2025, compared to 20.3% for the third quarter of 2024.

The Company’s effective tax rate was 21.2% for the nine months ended September 30, 2025, compared to 21.4% for the nine months ended September 30, 2024.

The primary reasons for the difference between the Company’s effective tax rate and the federal statutory rate were tax-exempt income, nondeductible amortization, federal and state tax credits and state tax expense.

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(Dollars in thousands, except per share data)

September 30,

Balance Sheet Data

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This measure should not be considered a substitute for operating results determined in accordance with GAAP.

(3) Government agencies guaranteed approximately $9.5 million of nonaccrual loans at June 30, 2025.

(3) Government agencies guaranteed approximately $10.0 million of nonaccrual loans at September 30, 2025.

Cash and Due from Banks, Federal Funds Sold and Interest-Bearing Deposits with Banks

The aggregate of cash and due from banks, federal funds sold and interest-bearing deposits with banks increased by $442.9 million or 12.5%, to $4.0 billion from December 31, 2024 to June 30, 2025.

The aggregate of cash and due from banks, federal funds sold and interest-bearing deposits with banks increased by $500.2 million or 14.1%, to $4.1 billion from December 31, 2024 to September 30, 2025.

The increase was related to an increase of interest-bearing deposits in addition to maturing securities.

At June 30, 2025, total debt securities decreased $107.2 million, or 8.8% compared to December 31, 2024.

At September 30, 2025, total debt securities decreased $195.8 million, or 16.2% compared to December 31, 2024.

The size of the Company’s securities portfolio is determined by the Company’s liquidity and asset/liability management.

The net unrealized loss on debt securities available for sale, before taxes, was $23.0 million at June 30, 2025, compared to a net unrealized loss of $43.1 million at December 31, 2024.

These unrealized losses of $17.6 million at June 30, 2025 and $32.9 million at December 31, 2024 are included in the Company’s stockholders’ equity as accumulated other comprehensive loss, net of income tax.

During the six months ended June 30, 2025, the Company purchased $233,000 of debt securities compared to $270,000 during the six months ended June 30, 2024.

The Company did not sell any debt securities during the six months ended June 30, 2025 or 2024.

The Company did not recognize a gain or loss on debt securities during the six months ended June 30, 2025 or 2024.

The Company had maturities and paydowns of debt securities totaling $127.7 million during the six months ended June 30, 2025 and $117.0 million during the six months ended June 30, 2024.

The unrealized loss on debt securities available for sale, before taxes, was $16.8 million at September 30, 2025, compared to an unrealized loss of $43.1 million at December 31, 2024.

These unrealized losses, net of income taxes, of $12.8 million at September 30, 2025 and $32.9 million at December 31, 2024 are included in the Company’s stockholders’ equity as accumulated other comprehensive loss.

During the nine months ended September 30, 2025, the Company purchased $508,000 of debt securities compared to $522,000 during the nine months ended September 30, 2024.

The Company did not sell any debt securities during the nine months ended September 30, 2025 or 2024.

The Company did not recognize a gain or loss on debt securities during the nine months ended September 30, 2025 or 2024.

The Company had maturities and paydowns of debt securities totaling $223.0 million during the nine months ended September 30, 2025 and $213.1 million during the nine months ended September 30, 2024.

See Note (3) of the Notes to Consolidated Financial Statements for disclosures regarding the Company’s securities.

At June 30, 2025, total loans increased $91.3 million or 1.1% compared to December 31, 2024 as a result of internal loan growth.

At September 30, 2025, total loans increased $254.0 million or 3.2% compared to December 31, 2024 as a result of internal loan growth.

Of the total increase in loans, commercial real estate made up the largest increase with $130.8 million.

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Nonaccrual Loans

Nonaccrual loans totaled $49.9 million at June 30, 2025 compared to $58.0 million at December 31, 2024.

Nonaccrual loans totaled $57.3 million at September 30, 2025 compared to $58.0 million at December 31, 2024.

The Company’s nonaccrual commercial non-real estate loans made up 15% and nonaccrual commercial real estate made up 65% of nonaccrual loans.

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However, if the full collection of the remaining principal balance is not in doubt, interest income is recognized on certain of these loans on a cash basis.

Had nonaccrual loans performed in accordance with their original contractual terms, the Company would have recognized additional interest income of approximately $2.3 million for the six months ended June 30, 2025 and $1.8 million for the six months ended June 30, 2024.

Had nonaccrual loans performed in accordance with their original contractual terms, the Company would have recognized additional interest income of approximately $3.6 million for the nine months ended September 30, 2025 and $2.6 million for the nine months ended September 30, 2024.

Only a small amount of this interest is expected to be ultimately collected.

Approximately $9.5 million of nonaccrual loans were guaranteed by government agencies at June 30, 2025.

Approximately $10.0 million of nonaccrual loans were guaranteed by government agencies at September 30, 2025.

The classification of a loan as nonaccrual does not necessarily indicate that loan principal and interest will ultimately be uncollectible;

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The current and future financial effects of the recorded balance of loans considered to be modified during the period were not material.

The recorded balance of loans modified during the six months ended June 30, 2025 was approximately $3.6 million compared to $14.8 million during the year ended December 31, 2024.

The recorded balance of loans modified during the nine months ended September 30, 2025 was approximately $6.0 million compared to $14.8 million during the year ended December 31, 2024.

Other Real Estate Owned and Repossessed Assets

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Any losses on bank premises designated to be sold are charged to operating expense at the time of transfer from premises to OREO.

Decreases in values of properties subsequent to their classification as OREO are charged to operating expense.

During the six months ended June 30, 2025 the Company foreclosed on a construction and

development real estate loan and recorded $15.6 million in other real estate owned ("OREO"), which was the primary reason for the increase in OREO.

The Company's write-downs of OREO totaled $20,000 for the six months ended June 30, 2025 compared to $50,000 for the six months ended June 30, 2024.

OREO also included a larger commercial real estate property recorded at $30.7 million at June 30, 2025 and $28.1 million at December 31, 2024.

During the six months ended June 30, 2025, the Company made $2.6 million of tenant improvements to this property, which contributed to the increase of total OREO.

Decreases in values of properties subsequent to their classification as OREO

are charged to operating expense.

During the nine months ended September 30, 2025 the Company foreclosed on a construction and development real estate loan and recorded $15.6 million in other real estate owned ("OREO"), which was the primary reason for the increase in OREO.

The Company's write-downs of OREO totaled $109,000 for the nine months ended September 30, 2025 compared to $72,000 for the nine months ended September 30, 2024.

OREO also included a larger commercial real estate property recorded at $31.1 million at September 30, 2025 and $28.1 million at December 31, 2024.

During the nine months ended September 30, 2025, the Company made $3.0 million of tenant improvements to this property, which contributed to the increase of total OREO.

Rental income for this property is included in other noninterest income on the consolidated statements of comprehensive income.

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This property had the following rental income and operating expenses for the periods presented:

Three Months Ended June 30,

Six Months Ended June 30,

Three Months Ended September 30,

Nine Months Ended September 30,

(Dollars in thousands)

2 unchanged sentences

The Company's total rental income and operating expenses from OREO are presented in the following table:

Three Months Ended June 30,

Six Months Ended June 30,

Three Months Ended September 30,

Nine Months Ended September 30,

(Dollars in thousands)

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Intangible Assets, Goodwill and Other Assets

Identifiable intangible assets and goodwill totaled $193.7 million and $195.4 million at June 30, 2025 and December 31, 2024, respectively.

Other assets included the cash surrender value of key-man life insurance policies totaling $84.7 million at June 30, 2025 and $84.4 million at December 31, 2024.

Derivative financial instruments consisting of oil and gas swaps and option contracts are included in other assets and totaled $16.1 million at June 30, 2025 and $10.5 million at December 31, 2024.

Identifiable intangible assets and goodwill totaled $192.8 million and $195.4 million at September 30, 2025 and December 31, 2024, respectively.

Other assets included the cash surrender value of key-man life insurance policies totaling $85.7 million at September 30, 2025 and $84.4 million at December 31, 2024.

Derivative financial instruments consisting of oil and gas swaps and option contracts are included in other assets and totaled $15.9 million at September 30, 2025 and $10.5 million at December 31, 2024.

They require a daily margin to be posted, which fluctuates with oil and gas prices and customer activity.

The Company had a margin asset included in other assets in the amount of $3.6 million at June 30, 2025 and $463,000 at December 31, 2024.

The Company had a margin asset included in other assets in the amount of $48,000 at September 30, 2025 and $463,000 at December 31, 2024.

See Note (11) of the Notes to Consolidated Financial Statements for a complete discussion of the Company’s derivative financial instruments.

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The realized and unrealized gains and losses are reported as securities transactions in the noninterest income section of the consolidated statements of comprehensive income.

The balance of equity securities was $8.2 million at June 30, 2025 and $13.4 million at December 31, 2024.

The balance of equity securities was $8.7 million at September 30, 2025 and $13.4 million at December 31, 2024.

The decrease in equity securities in 2025 was primarily due to the disposition of certain equity investments no longer permissible under the Volcker rule which prohibits banks with more than $10 billion in assets from holding certain private equity investments.

1 unchanged sentence

Low-Income Housing, New Market Tax Credit Investments and Historic Tax Credit Investments

During 2025, the Company’s low-income housing tax credit ("LIHTC") investments increased $33.9 million totaling $92.5 million at June 30, 2025, New Markets Tax Credits ("NMTC") investments increased $3.9 million totaling $11.4 million at June 30, 2025 and the Historic Tax Credit Investments remained at $6.3 million at June 30, 2025, all of which are included in other assets on the Company’s consolidated balance sheet.

Unfunded commitments related to these investments increased $27.4 million totaling $67.0 million at June 30, 2025, all of which are included in other liabilities on the Company’s consolidated balance sheet.

During 2025, the Company’s low-income housing tax credit ("LIHTC") investments increased $37.5 million totaling $96.2 million at September 30, 2025, New Markets Tax Credits ("NMTC") investments increased $2.6 million totaling $10.1 million at September 30, 2025 and the Historic Tax Credit Investments remained at $6.3 million at September 30, 2025, all of which are included in other assets on the Company’s consolidated balance sheet.

Unfunded commitments related to these investments increased $31.9 million totaling $71.4 million at September 30, 2025, all of which are included in other liabilities on the Company’s consolidated balance sheet.

See Note (6) of the Notes to Consolidated Financial Statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 for disclosures regarding these investments.

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The Company maintains lines of credit from the Federal Home Loan Bank (“FHLB”), federal funds lines of credit with other banks and could also utilize the sale of loans, securities and liquidation of other assets as sources of liquidity and funding.

The Company is highly liquid with percent of cash and due from banks, interest-bearing deposits with banks and federal funds sold to total assets of 28.5% at June 30, 2025, compared to 26.2% at December 31, 2024.

The Company is highly liquid with percent of cash and due from banks, interest-bearing deposits with banks and federal funds sold to total assets of 28.6% at September 30, 2025, compared to 26.2% at December 31, 2024.

There have not been any other material changes from the liquidity and funding discussion included in Management’s Discussion and Analysis in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024.

At June 30, 2025, deposits totaled $12.1 billion, an increase of $337.6 million from December 31, 2024.

At September 30, 2025, deposits totaled $12.1 billion, an increase of $399.8 million from December 31, 2024.

The Company’s core deposits provide it with a stable, low-cost funding source.

The Company’s core deposits as a percentage of total deposits were 95.5% at both June 30, 2025 and December 31, 2024.

Noninterest-bearing deposits to total deposits were 32.9% at June 30, 2025 compared to 33.3% at December 31, 2024.

The Company’s core deposits as a percentage of total deposits were 95.1% at September 30, 2025 compared to 95.5% at December 31, 2024.

Noninterest-bearing deposits to total deposits were 31.5% at September 30, 2025 compared to 33.3% at December 31, 2024.

Uninsured deposits are defined as the portion of deposit accounts in U.S.

offices that exceed the FDIC insurance limit and amounts in any other uninsured investment or deposit account that are classified as deposits and are not subject to any federal or state deposit insurance regimes.

Total uninsured deposits were $4.0 billion at both June 30, 2025 and December 31, 2024, as calculated per regulatory guidance.

This was approximately 32.8% of deposits at June 30, 2025 and 33.7% at December 31, 2024.

The Company has existing and contingent sources of liquidity equivalent to approximately 150% of it uninsured deposits.

Off-balance-sheet sweep accounts totaled $5.3 billion at June 30, 2025 compared to $5.2 billion at December 31, 2024.

Total uninsured deposits were $4.1 billion at September 30, 2025 compared to $4.0 billion at December 31, 2024, as calculated per regulatory guidance.

This was approximately 34.1% of deposits at September 30, 2025 and 33.7% at December 31, 2024.

The Company has existing and contingent sources of liquidity equivalent to approximately 150% of its uninsured deposits.

Off-balance-sheet sweep accounts totaled $4.9 billion at September 30, 2025 compared to $5.2 billion at December 31, 2024.

The movement of customers' funds into the Company's off-balance-sheet sweep accounts affected the balances of both cash and deposits.

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The Company has several lines of credit available.

At June 30, 2025, BancFirst had $906.6 million available on its line of credit from the FHLB of Topeka, Kansas.

At June 30, 2025, BancFirst had no advances outstanding under this line of credit.

At September 30, 2025, BancFirst had $923.2 million available on its line of credit from the FHLB of Topeka, Kansas.

At September 30, 2025, BancFirst had no advances outstanding under this line of credit.

Pegasus had a Federal Reserve discount window capacity of $82.2 million.

At June 30, 2025, Pegasus had no advances outstanding under this line of credit.

At September 30, 2025, Pegasus had no advances outstanding under this line of credit.

Worthington had $10.5 million in lines of credit with other financial institutions that serve as overnight federal funds facilities, a Federal Reserve discount window capacity of $30.9 million and a $87.6 million line of credit from the FHLB of Dallas, Texas to use for liquidity or to match-fund certain long-term rate loans.

Worthington had no advances outstanding at June 30, 2025 under any of these lines of credit.

Worthington had no advances outstanding at September 30, 2025 under any of these lines of credit.

Capital Resources

Stockholders’ equity totaled $1.7 billion at June 30, 2025, an increase of $106.9 million from December 31, 2024.

In addition to net income of $118.5 million, other changes in stockholders’ equity during the six months ended June 30, 2025 included $2.0 million related to common stock issuances for stock-based compensation plans, $1.7 million related to stock-based compensation and $15.3 million in accumulated other comprehensive income that were partially offset by $30.6 million in dividends.

The Company’s leverage ratio and total risk-based capital ratios at June 30, 2025 were well in excess of the regulatory requirements.

Stockholders’ equity totaled $1.8 billion at September 30, 2025, an increase of $161.6 million from December 31, 2024.

In addition to net income of $181.1 million, other changes in stockholders’ equity during the nine months ended September 30, 2025 included $4.6 million related to common stock issuances for stock-based compensation plans, $2.8 million related to stock-based compensation and $20.1 million in accumulated other comprehensive income that were partially offset by $46.9 million in dividends.

The Company’s leverage ratio and total risk-based capital ratios at September 30, 2025 were well in excess of the regulatory requirements.

See Note (8) of the Notes to Consolidated Financial Statements for a discussion of capital ratios and requirements.

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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements